Not long ago this bankruptcy and debt relief legal blog published a post regarding bankruptcy exemptions for Tennessee residents. In the post, readers were informed that in our state individuals must use the state’s exemptions, rather than the exemptions that the federal government offers to individuals in other jurisdictions. This post will focus on one small part of the state’s list of exemptions available to bankruptcy debtors: personal property.

Personal property generally refers to the items that individuals own and can possess in their homes. Real property, such as houses, parcels of land and commercial buildings are generally not considered personal property. Items, such as clothing, books, cooking utensils and others would constitute personal property.

Under Tennessee’s bankruptcy laws, individuals can keep the clothing that they and their family members need, as well as the containers they require to store such apparel. Readers should note that there is some subjectivity in this statement, as a person may not be able to prove that they need every article of clothing that they own. If they own many expensive items that are not necessary to their life, those items may not be considered exempt under the law.

Similarly, individuals may retain their family pictures, as well as any family bibles that they own. These sentimental items are not taken during bankruptcy and may offer debtors some comfort as they move through their bankruptcy processes. The realm of bankruptcy exemptions that residents may protect as they seek financial stability through bankruptcy is great.